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‘Notably better’ spread cements sovereign’s standing, thanks to triple-A rating and solid fiscal position
All as expected by the market, but lack of more details regarding bill issuance somewhat disappoints
◆ Sovereign back in euros, alternating from dollars in 2025 ◆ “Very low double digit” spread over Germany ◆ Sweden, KfW key comps
Likely successor as UK prime minister Andy Burnham further to the political 'left than anyone else’ but market hopeful that scope for more borrowing is limited
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France impressed as it received a record €51bn order book and paid a small new issue premium with its first syndication since the outbreak of the Covid-19 pandemic. The sovereign was joined in the long end of the curve this week by two sub-sovereign borrowers as investor appetite for duration grows, with more supply expected to follow. -
There was bumper demand for Iceland’s euro deal on Wednesday that saw nearly 200 investors pour into a deal that exceeded expectations to tighten by 30bp.
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Germany would be wise to consider diversifying its colossal funding needs with a syndication in dollars — a currency in which it is no stranger and which has become more attractive for euro-based funders, according to a head of public sector debt capital markets at one of the sovereign’s primary dealerships.
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China is reviving the issuance of its special treasury bonds, a funding tool it has not used since the financial crisis. But bankers were underwhelmed by the Rmb1tr ($140bn) size target — and are also hoping for clarity on how the ‘anti-pandemic’ deal will be financed. Addison Gong reports.
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The European Commission has published its proposal for an EU recovery fund. Next Generation EU, as it has been dubbed, has impressed onlookers with promises of €500bn of grants and a further €250bn of loans for countries affected by the coronavirus pandemic.
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France received its biggest ever order book as it came to the market for a 20 year syndication on Tuesday. SSA bankers say that investors are looking for duration after previously sticking to defensive maturities as the Covid-19 crisis eases.
